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Revenue and Accounts Receivable (Tables) | 12 Months Ended
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Dec. 31, 2025
Revenue from Contract with Customer [Abstract] |
Disaggregation of Revenue | The following table presents revenue recognized by the Company for the years ended December 31, 2025, 2024 and 2023:
|  |  | For the Years Ended December 31,
|  |  |  |  | 2025 |  | 2024 |  | 2023
Investment Banking & Equities: |  |  |  |  |  |  |  |  |
Advisory Fees |  |  |  |  | $ | 3,267,087 |  |  | $ | 2,440,605 |  |  | $ | 1,963,857 |
Underwriting Fees |  |  |  |  | 179,647 |  |  | 157,067 |  |  | 111,016 |
Commissions and Related Revenue |  |  |  |  | 242,685 |  |  | 214,045 |  |  | 202,789 |
Total Investment Banking & Equities |  |  |  |  | $ | 3,689,419 |  |  | $ | 2,811,717 |  |  | $ | 2,277,662 |
Investment Management: |  |  |  |  |  |  |  |  |
Asset Management and Administration Fees: |  |  |  |  |  |  |  |  |
Wealth Management |  |  |  |  | $ | 87,356 |  |  | $ | 79,550 |  |  | $ | 67,041 |
Total Investment Management |  |  |  |  | $ | 87,356 |  |  | $ | 79,550 |  |  | $ | 67,041 |
Contract with Customer, Asset and Liability | The change in the Company’s contract assets and liabilities during the following periods primarily reflects timing differences between the Company’s performance and the client’s payment. The Company’s receivables, contract assets and deferred revenue (contract liabilities) for the years ended December 31, 2025 and 2024 are as follows:
| For the Year Ended December 31, 2025
| Receivables (Current)(1) |  | Receivables (Long-term)(2) |  | Contract Assets (Current)(3) |  | Contract Assets (Long-term)(2) |  | Deferred Revenue (Contract Liabilities)(4) |  |
Balance at January 1, 2025 | $ | 421,502 |  |  | $ | 101,314 |  |  | $ | 62,379 |  |  | $ | 14,477 |  |  | $ | 3,582 |  |  |
Increase | 134,310 |  |  | 28,539 |  |  | 85,065 |  |  | 13,428 |  |  | 2,413 |  |  |
Balance at December 31, 2025 | $ | 555,812 |  |  | $ | 129,853 |  |  | $ | 147,444 |  |  | $ | 27,905 |  |  | $ | 5,995 |  |  |
| For the Year Ended December 31, 2024
| Receivables (Current)(1) |  | Receivables (Long-term)(2) |  | Contract Assets (Current)(3) |  | Contract Assets (Long-term)(2) |  | Deferred Revenue (Contract Liabilities)(4) |  |
Balance at January 1, 2024 | $ | 371,606 |  |  | $ | 93,689 |  |  | $ | 85,401 |  |  | $ | 5,845 |  |  | $ | 3,524 |  |  |
Increase (Decrease) | 49,896 |  |  | 7,625 |  |  | (23,022) |  |  | 8,632 |  |  | 58 |  |  |
Balance at December 31, 2024 | $ | 421,502 |  |  | $ | 101,314 |  |  | $ | 62,379 |  |  | $ | 14,477 |  |  | $ | 3,582 |  |  |
(1)Included in Accounts Receivable on the Consolidated Statements of Financial Condition. (2)Included in Other Assets on the Consolidated Statements of Financial Condition. (3)Included in Other Current Assets on the Consolidated Statements of Financial Condition. (4)Included in Other Current Liabilities on the Consolidated Statements of Financial Condition.
Accounts Receivable, Allowance for Credit Loss | The allowance for credit losses for the years ended December 31, 2025 and 2024 is as follows:
|  |  | For the Years Ended December 31, |  |
|  |  |  |  | 2025 |  | 2024 |  |
Beginning Balance |  |  |  |  | $ | 2,253 |  |  | $ | 5,603 |  |  |
Bad debt expense, net of reversals |  |  |  |  | 5,635 |  |  | 2,334 |  |  |
Write-offs, foreign currency translation and other adjustments |  |  |  |  | (4,905) |  |  | (5,684) |  |  |
Ending Balance |  |  |  |  | $ | 2,983 |  |  | $ | 2,253 |  |  |
Accounts Receivable, Noncurrent, Credit Quality Indicator | For long-term accounts receivable and long-term contract assets, the Company monitors clients’ creditworthiness based on collection experience and other internal metrics. The following table presents the Company’s long-term accounts receivable and long-term contract assets, primarily from the Company's private and secondary fund advisory businesses, as of December 31, 2025, by year of origination:
| Amortized Carrying Value by Origination Year
| 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  |  |  |  |  | Total
Long-term Accounts Receivable and Long-term Contract Assets | $ | 102,611 |  |  | $ | 38,812 |  |  | $ | 11,923 |  |  | $ | 4,346 |  |  | $ | 66 |  |  |  |  |  |  | $ | 157,758 |

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- Definition Tabular disclosure of allowance for credit loss on accounts receivable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-13 + Details
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- Definition Tabular disclosure of credit quality indicator for accounts receivable, classified as noncurrent. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-5 + Details
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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 + Details
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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-5 + Details
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